Technically, the daily chart indicators have moved in the bearish territory with negative signs.
Ether Price Analysis
This past week, ETH/USD started a major bearish wave and declined below a few important support levels such as $680.00, $650.00, and $600.00. It tested a key support area near $550.00 and is currently consolidating losses.
On the other hand, there were gains noted in ETH/BTC, but the pair failed to hold the bullish bias above 0.0800BTC. It corrected lower and is currently trading in a range around the 0.0800BTC pivot level.
Let’s start with the daily chart of ETH/USD to understand the last slide from the $833.91 high. The pair consolidated around the $700.00 pivot level for a few days before clearing a bullish trendline with support at $680.00.
It opened the doors for a sharp downward move and the price broke the $650.00 and $600.00 support levels. More importantly, there was a break below the 50 Fibonacci retracement level of the last wave from the $359.33 low to $833.91 high at $590.00.
The price tested a crucial support region at $520.00-540.00, which is also the 61.8 Fibonacci retracement level of the last wave from the $359.33 low to $833.91 high. Should Ether fail to stay above this, there could be more declines toward $400.00.
Dropping down to the 2-hour chart of ETH/USD, the pair recently recovered above a key bearish trendline with resistance at $590.00. However, Ether buyers failed to gain momentum above $600.00-610.00.
As a result, Ether’s price moved down and broke a connecting bullish trendline support at $590.00. Overall, the current price action indicates ranging moves below $600.00 with a slight bearish angle.
To initiate a fresh upward move, ETH/USD must close above $600.00 and $610.00. On the downside, the $540.00 and $520.00 support levels hold the key for the next move.